Corporate Malaysia Says No To Corruption....But 'Daylight' Fraud is OK.

"It is truly a momentous occasion for the corporate figures in Malaysia as they come together to fight corruption and help Malaysia strengthen its economy as we head towards Vision 2020," he said at the Fifth Progress Update of the ETP at the Putrajaya International Convention Centre here today.

Sixteen EPP business communities came forward to express their commitment for transparency, accountability and good governance. ~ Corporate Malaysia Says No To Corruption

The World Bank has identified corruption as among the greatest obstacles to economic and social development. It undermines development by distorting the rule of law and weakening the institutional foundation on which economic growth depends.

This declaration by the business owners of the EPP's is commendable, but is not enough to help the nation achieve Vision 2020. If we look at the stance of the World Bank in fighting poverty and achieving growth, it says, "Corruption sabotages policies and programs that aim to reduce poverty, so attacking fraud and corruption vigorously is critical to the achievement of our overarching mission to reduce poverty."

Eliminating corruption and the culture of bribery alone will not fast track Malaysia into the developed nation status that we desire. Fraud must be eliminated as well, and the need to take an anti-fraud stance is as important as saying no to corruption.

Datuk Seri Najib, by eliminating Corruption, but allowing Fraud to flourish, will not see us achieve Vision 2020.

Corruption is defined as (in business and government):1. Dishonest or fraudulent conduct by those in power, typically involving bribery2. The action of making someone or something morally depraved or the state of being so

Fraud is defined as:1. Wrongful or criminal deception intended to result in financial or personal gain2. A person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities

At least two parties are required before corruption can be committed, but fraud can be committed by a single entity, be it an individual or a company, and the victims of fraud are all those that have been deceived by the act of fraud.

Taking a strong stand against corruption does not mean that business owners will also be free from the temptation to commit fraud, as the two diseases are dissimilar.

That raises the question, of how effective the elimination of corruption will be in spurring us towards developed nation status, if in turn we also become a nation of fraudsters?

The question is simple, why are Chin Kwai Fatt and PwC Malaysia still doing important jobs for PEMANDU, the GLC's and development plans like the Bintulu Port, when they have not been made to answer the fraud allegations against them?

Should we add the following qualifier to the stance under the ETP?

Say No To Corruption, But Fraud Is Okay.

Chin Kwai Fatt, yet to do one of two things. Answer the allegations of fraud against him, or report this blog to the MCMC.